5 business New Year resolutionsPosted December 19, 2013 | Promotions by Theme or Event, Tips and Trends from the Experts
New Year’s resolutions can spark new, life changing, personal habits. Why not put the resolution concept to work in transforming your business? Applying personal conviction to a professional pursuit can influence your bottom line considerably. Here are the top 5 New Year’s business resolutions and how they can help you to revitalize your brand and catalyze your success. Plus, these will be easy resolutions to keep, even in the face of cronuts.
1. Keep in Touch
Sure, you know you should write to your mom from time to time so she knows you still care, what about your customers? Here are some facts you should consider when reevaluating your marketing strategy:
- On average, companies respond to only 30% of social media fans’ feedback. (Source: Factbrowser) Show your customers you care by acknowledging their feedback. 91% of online adults use social media regularly. (Source: Experian) Also, 20% of Facebook users have made purchases based on ads or comments on Facebook.
- Direct mail still works According Target Marketing Magazine, direct mail was the highest scoring form of marketing for B2C and B2B marketers. It boasted a higher ROI and retention than social media marketing. (Source: TMR direct)
- Free publicity. Use press releases, letters to the editor, and opinion columns to establish credibility and deliver free press for your business.
2. Save Money
According to the Better Business Bureau, inventory shrinkage–lost product or profit between manufacturing and final sale–comprises 1.5 percent of total sales and billions of dollars annually.
To reduce inventory shrinkage, follow these steps in the New Year:
- Identify the source of shrinkage. Up to 44% of loss is due to employee theft. Make sure your staff feels valued, and well supervised. Theft is a crime of opportunity, don’t give anyone that opportunity. For more helpful tips: http://www.bizcommunity.com/Article/196/87/3917.html
- Enhance store security measures. Security cameras, smart product tags, and a live security professional are all proven deterrents to crime. Even fake cameras moved around from time to time can keep potential thieves on their toes.
3. Set Goals
According to Inc. Magazine, 80 percent of 300 companies surveyed fail to keep track of their business goals–and 77 percent of those that do say they have failed to realize the benchmarks they set. That’s because having a goal is only step one in the process, and by itself it is relatively useless.
Once your goal for 2014 is set:
- Create an action plan. Think about your company’s strengths and weaknesses, then brainstorm with your employees how to create action steps to achieve your goal
- Break it down. Make smaller measurable, verifiable goals. Meet with your employees each month and evaluate your progress. If all of the action steps were taken and the goal wasn’t met you need to devise different action steps, or revise your goal.
4. Get Healthy
According to the CDC, annual employee sponsored health insurance coverage cost $5,049 for single coverage and $13,770 for family coverage in 2010. Finding ways to ensure your workplace stays healthy can result in lower premiums and less loss of productivity due to illness. Ways to ensure a healthy workforce:
- Make it competitive. Offer a reward for The Biggest Loser, start a betting pool among co-workers to see who can lose the most excess weight.
- Get HR involved. Your employees may already be healthy and active. Make sure that you are taking advantage of any lifestyle or fitness discounts your health insurance providers offer by having employees track their activities.
- Encourage health. Make sure the office is equipped with hand sanitizer and employees are encouraged to get flu vaccinations.
5. Show Appreciation
Bonuses and incentives aren’t only for commission-based compensation businesses. They keep employees properly motivated and ensure maximum performance throughout the year.
Here are some simple concepts for structuring a bonus plan that everyone can appreciate:
- Keep the goals attainable. Set a level of growth you want to achieve in the New Year, based on a reasonable increase over last year, and reward only when your team exceeds that goal.
- Break down goal/reward. Small payouts along the way encourage people to keep going throughout the year, plus smaller goals seem easier to achieve